Brookfield Infrastructure Partners (NYSE: BIP) has taken a beating this year. The global infrastructure giant has tumbled 26% from its 52-week high, with a big portion of that decline coming in recent weeks.

That sell-off is a big headscratcher, considering the company's growth prospects. It makes Brookfield Infrastructure look like a screaming buy right now.

Despite the valuation decline, Brookfield Infrastructure is having a fantastic year. The company is on track to grow the annual run-rate of its funds from operations (FFO) by about 13% this year, pushing it to $3.05 per share by the fourth quarter. With units of the partnership recently trading at less than $28 apiece, Brookfield sells for 9.2 times FFO. Meanwhile, the economically equivalent corporate shares of Brookfield Infrastructure Corporation (NYSE: BIPC) are almost as cheap. With a $33 share price, it trades at 10.9 times FFO. They're ridiculously cheap, considering that the S 500 currently fetches more than 19 times earnings.

Continue reading

Source Fool.com